Public Sector: How to utilise current year budgets in Materiality and add Budget leadsheets to an engagement

Public Sector: How to utilise current year budgets in Materiality and add Budget leadsheets to an engagement

This FAQ is only applicable to the Public Sector template.
Current Year Budgets can be utilised as a basis via the settings in 2-405 Materiality.


Note: If you DO NOT see the above settings in your Materiality document, then you are using a older version of the document and will need to bring in an updated copy via Copy Components.
If you have chosen to utilise Current Year Budgets as a basis, an extra column displaying Budget balances will appear in the tables of Section 2.


Note: In order for the balances to populate you will need to ensure that Budget amounts have been imported into your engagement. By double clicking on the Budget amounts within the Materiality document, you can also drill down to see what amounts make up the balance.

Additionally, in Section 3 the basis can now be changed to Current Year Budget (CYB) from the picklist - which will change the Adjusted balances.



Furthermore, Budget leadsheets for the financial statement areas, as well as 4-101 Balance Sheet (Budget) and 4-106 Income Statement (Budget) can be added to an engagement.



To include these, simply select Yes to Q14 in the OPT - which asks if the engagement requires leadsheets and other automatic budget documents.




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